Aim: To examine certain policy proposals, to ensure Independent Board of Directors for stakeholder benefits, remove and also to address certain operational difficulties

Result/Impact: SEBI in its meeting held on June 29, 2021 has decided (for details refer the detailed presentation):
(a) Review and Merger of SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Non-Convertible Redeemable Preference Shares) Regulations, 2013 into a single Regulation –SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021
(b) Introduction of Framework for Accredited Investors in securities market
(c) Review of Regulatory provisions related to Independent Directors – there are differences in the consultation paper issued on Independent Directors and what approved in this board meeting, actual provisions would be known once the amendment is notified in concerned regulation
(d) Amendments to SEBI (Infrastructure Investment Trusts) Regulations, 2014
(e) Amendments to SEBI (Infrastructure Investment Trusts) Regulations, 2014 and SEBI (Real Estate Investment Trusts) Regulations, 2014
(f) Permitting Resident Indian fund managers to be constituents of FPIs
(g) Amendment to SEBI (Mutual Funds) Regulations, 1996
(h) Amendment to SEBI (Credit Rating Agencies) Regulations, 1999
(i) Amendment to SEBI (Bankers to an Issue) Regulations, 1994
(j) Amendments to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015

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Source: SEBI Press Release PR No. 22/2021 dated June 29, 2021

Reference: SEBI Consultation Paper on Independent Directors dated March 1, 2021